企業特質與企業價值的評估研究 - 以MOBIKE與OFO為例

本研究主要是在衡量企業價值，以現金流量折現法評估共享單車企業Mobike與ofo。藉由從市場報告所獲的資訊預估未來五年的自由現金流量並計算現值，並將所得之結果作敏感性分析，探討影響共享單車企業發展的重要關鍵因素。研究結果顯示共享單車主要關鍵因素為單車數量、租金單價與製造單車成本，並建議Mobike與ofo兩家公司合併，以避免單車資源的浪費與無謂的價格戰。且隨著政府監管單位的加強管制，應以優化效率為下一階段的經營方針。提供Mobike與ofo未來營運策略與方向之參考。

關鍵字

企業評價評估；現金流量折現法；共享經濟；共享單車

並列摘要

The main objective of this research is to use Discounted Cash Flow Method to evaluate the real value of the shared bicycle companies, Mobike and ofo. I use the information obtained from the market reports and estimate the free cash flow for the next five years. Then, I calculate the present value by using the estimated free cash flow. The calculated results are used for sensitivity analysis to explore the key factors affecting the development of shared bicycle companies. The research result shows that the key factors of the development of shared bicycle companies are the number of bicycles, the rent price, and the cost of manufacturing bicycles. It is suggested that Mobike and ofo should be merged into one company in order to avoid the waste of bicycle resources and the unnecessary price war. They should optimize efficiency as the next stage of business policy because the government regulators are tightening controls. These recommendations provide a reference for Mobike and ofo's future business strategy and direction.